Switzerland Sets Up Working Group To Address Issues of Blockchain and ICO’s

The Financial Times reported yesterday….”Switzerland wants to remain an “attractive location” for initial coin offerings, its international finance ministry has said as it announced the setting up a working group to assess the need for action by the country’s lawmakers or regulators.”

Here’s the introduction to their piece

The affluent Alpine state has accounted for four of the 10 largest ICOs, according to PwC, with investors attracted by the country’s business-friendly regulations and digital expertise, which have led to it the creation of a so-called “crypto valley”.

China and South Korea have banned ICOs, while the EU and US have warned investors about the risks – moves that digital pioneers in Switzerland argue have given the country an opportunity to take a global lead in the sector. On Tuesday, the international finance secretariat in Bern said blockchain technology gave rise to “fundamental legal issues” in financial market and general law. It said the “blockchain/ICO working group” would “review the legal framework and identify any need for action with the involvement of the Federal Office of Justice, the Swiss Financial Market Supervisory Authority and in close consultation with the sector.”